Spokane's Gold Reserve Inc. will appeal AMEX delisting

Spokane-based Gold Reserve Inc. has said it’s appealing plans by the New York Stock Exchange to delist its stock.

The Canadian mining company, registered in the Yukon, has its executive headquarters in downtown Spokane. The AMEX sent a notice this week telling Gold Reserve (stock symbol GRZ) it faces delisting since its key asset, a South American copper and gold mine, has been seized by the Venezuelan government.

Gold Reserve President A. Douglas Belanger said the appeal will emphasize continuing plans by the company to open new operations, at the same time it continues arbitration over the seized mine with the World Bank’s center for investment disputes.

Gold Reserve still trades on the Toronto stock exchange.

The Venezuelan national guard seized the company’s Brisas mine in October 2009. Gold Reserve has filed a $1.9 billion claim against Venezuela with the World Bank’s international court.

A final hearing is scheduled with the court in February 2012. A decision could take months after that hearing, however.

The company has said that the copper assets in the Brisas mine are roughly $4 billion. It holds about $25 billion worth of gold, according to Gold Reserve officials.

No ore has been mined yet by either Gold Reserve or the Venezuelan government at Brisas, Belanger said.